Senate
Study
Bill
1057
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
COMMERCE
BILL
BY
CHAIRPERSON
BROWN)
A
BILL
FOR
An
Act
relating
to
group
capital
calculation
filings
by
certain
1
insurance
holding
company
systems.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
1698XC
(2)
90
ko/rn
S.F.
_____
Section
1.
Section
521A.4,
subsection
13,
paragraph
a,
1
unnumbered
paragraph
1,
Code
2023,
is
amended
to
read
as
2
follows:
3
The
ultimate
controlling
person
of
every
insurer
subject
to
4
registration
shall
concurrently
file
with
the
registration
an
5
annual
group
capital
calculation
on
or
before
June
30
.
The
6
calculation
must
be
completed
in
accordance
with
the
group
7
capital
calculation
instructions,
and
must
be
filed
with
the
8
lead
state
commissioner
of
the
insurance
holding
company
system
9
as
determined
by
the
procedures
in
the
most
recent
financial
10
analysis
handbook
published
by
the
NAIC.
As
permitted
by
11
the
group
capital
calculation
instructions,
the
lead
state
12
commissioner
may
allow
a
controlling
person,
other
than
13
the
ultimate
controlling
person,
to
file
the
group
capital
14
calculation.
The
following
insurance
holding
company
systems
15
are
exempt
from
filing
the
group
capital
calculation:
16
EXPLANATION
17
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
18
the
explanation’s
substance
by
the
members
of
the
general
assembly.
19
This
bill
relates
to
group
capital
calculation
filings
20
by
certain
insurance
holding
company
systems
(holding
21
company).
Under
current
law,
certain
insurers
that
are
22
authorized
to
do
business
in
this
state
and
that
are
members
23
of
a
holding
company
must
annually
register
by
March
31
with
24
the
commissioner
of
insurance,
and
concurrently
file
a
group
25
capital
calculation.
26
The
bill
eliminates
the
concurrent
filing
requirement
and
27
extends
the
annual
filing
deadline
for
the
group
capital
28
calculation
to
June
30.
29
-1-
LSB
1698XC
(2)
90
ko/rn
1/
1